Eli Lilly is dialing back its 2024 forecast after underwhelming Wall Street with third-quarter earnings and sales from two key drugs that missed expectations. The drugmaker on Wednesday chopped a few dollars off its earnings guidance for the year after raising that forecast well beyond analyst expectations in previous quarters.
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The company brought in $3.1 billion in sales from Mounjaro and another $1.3 billion from Zepbound, which debuted in the U.S. market nearly a year ago. TD Cowen analyst Steve Scala said in a note that both drugs missed expectations, and he wanted to learn more about whether the drop was a “temporary flattening or new trend.”
Lilly also booked higher research and development and marketing, selling and administrative expenses in the quarter.Analysts expected earnings of $1.45 per share on $12.09 billion in revenue, according to FactSet. For the full year, Lilly now forecasts adjusted earnings to range between $13.02 and $13.52 per share. The company had predicted more than $16 per share in August, which was more than $2 higher than consensus at the time.Murphy covers how people and businesses navigate the U.S. health care system. He is a member of AP’s Health and Science team.
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